Apple is gradually establishing itself as a significant player in the Indian market, with the company making substantial investments to bolster sales and production within the country.
According to research conducted by Counterpoint, India has now become Apple’s fifth-largest market for iPhones, surpassing both Germany and France during the second financial quarter that concluded in June.
While the United States, China, Japan, and the UK continue to be the leading markets for Apple, India’s significance is growing.
During Q2 2023, India accounted for approximately 4 per cent of Apple’s iPhone sales. Though the exact number of units sold in India was not disclosed by Counterpoint, it was noted that there was a remarkable 50 per cent year-on-year growth in iPhone sales in the country.
Additionally, Apple’s market share in the Indian phone segment has also been on the rise, increasing from 3.4 per cent last year to 5.1 per cent now.
Apple CEO Tim Cook had previously expressed his optimism about India’s potential earlier in the year. He mentioned achieving an “all-time iPhone revenue record” in India during Q1 2023 and highlighted the dynamism and vibrancy of the market. Cook also acknowledged the expansion of Apple’s operations in India to better cater to the growing number of customers.
Morgan Stanley analysts recently predicted that India would be a crucial driver of Apple’s revenue over the next five years, projecting that the country could contribute 15 per cent of the company’s overall revenue during that period.
To capitalize on the Indian market, Apple has been making significant investments in the country as it seeks to diversify its production locations beyond China, which faced setbacks due to the COVID-19 pandemic.
The company plans to increase its iPhone production capacity in India from 7 per cent in 2023 to 18 per cent in 2025, partly influenced by tax incentives offered by the Indian government.
Notably, Tata Group, a prominent Indian conglomerate, is finalizing its deal to take over Wistron Corp’s factory in Karnataka, making it the first Indian company to produce iPhones in the country.
To enhance accessibility to its premium iPhones, Apple is also focusing on improving its distribution channels in India. The company already operates an online store and has recently opened two physical stores in Delhi and Mumbai.
Two more stores are expected to be launched in India by 2025. These efforts demonstrate Apple’s commitment to establishing a strong presence and tapping into the growing potential of the Indian market.
from Firstpost Tech Latest News https://ift.tt/ey2Vao8
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